Allergan posts $74.2 million second quarter GAAP net income, preparing to launch Juvederm, Ganfort

By Jennifer Lanning Drey

Eugene, Ore., Aug. 2 - Allergan, Inc. reported second quarter GAAP net income of $74.2 million, or $0.49 per diluted share, on revenues of $801.7 million, according to a company news release.

The results are improved from GAAP net income of $33.4 million, or $0.25 per diluted share, on revenues of $594.6 million in the second quarter of 2005, according to the release.

"We're pleased that we have multiple growth catalysts on the horizon with the imminent launches of Juvederm in the U.S. and Australia, Ganfort in Europe and the pending approval of responsive gel silicon breast implants in the U.S. and Canada," said David E. I. Pyott, chairman and chief executive officer of Allergan, during a company conference call held Wednesday.

The company believes the approval of responsive gel silicon will offer the potential to eventually double the size of the North American breast aesthetics market in value, Pyott said.

Pyott also said Wednesday that Allergan is close to launching the already approved Juvederm dermal filler gel family of products, but for competitive reasons could not disclose the exact date. Allergan is working to optimize the presentation of the product's packaging and accessories prior to the launch, he said.

In its ophthalmology franchise, Allergan plans to launch its Lumigan/timolol combination product, Ganfort, for the treatment of glaucoma in Europe in the second half of 2006, Pyott said.

Allergan's ophthalmology franchise showed a 17% increase in dollars, and 16% in local currencies, over the second quarter of 2005, Pyott said.

The company expects the Food and Drug Administration's approval of Lumigan eye drops as a first-line treatment to provide additional share and volume gains in the ophthalmology market, he said.

Lumigan was approved in June as treatment for elevated intraocular pressure associated with open-angle glaucoma or ocular hypertension.

Botox sales strong

Botox demonstrated 22% growth in the second quarter, excluding Japan, Pyott said Wednesday.

"We're maintaining a very high market share of 91% in the top 10 markets of the world and have seen great market growth acceleration," he said.

Botox Cosmetic and Botox Therapeutic were both strong growth drivers in countries in North America, Europe, Asia Pacific and Latin America, he said.

Allergan is a specialty pharmaceutical company located in Irvine, Calif.

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